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Saturday, May 11, 2013

Hi Friends,In my last post I mentioned that move above 6030 will invalidate the count & I will look for alternate counts. So now with this steep Rally Nifty has opened up possibility of 1 more New High to 6289. This Looks to be last leg of the Rally which started back in Dec 2011. The move from 4531 looks to be developing as Contracting Triangle which has Higher side Resistance at 6300 odd levels..

NIFTY

The move from 5477 looks to be final 'E' or Z leg of this move. In case of 'E' it might be developing as 'abc' of which 'a' looks over at 6084 & we might witness some correction in 'b' to 5930-5870. However this Rally looks similar to Jan 2012, Steep Up Move. So until Nifty doesn't break the Rising Channel we may not witness Sizable Correction. And hence the alternate 'Z' leg might be developing as Triple Zigzag which would achieve 6289 without any Correction.BANK NIFTY

BANK NIFTY

Pattern on Bank Nifty looks similar to Nifty a Contracting Triangle or Diagonal with Waves Overlapping. It Might Trade in range of 12100-12800 for few days & move Higher to 13300-500 in it's Final leg.AXIS BANK

AXIS BANK

Axis Bank reflecting similar pattern to Bank Nifty a Contracting Triangle or Diagonal with Waves Overlapping. It Might Trade in range of 1400-1490 for few days & move Higher to 1590 in it's Final leg.HDFC BANK

HDFC BANK

HDFC Bank has a clear 5 wave move from 400.. This move might have been over at 700. Currently there is no evidence & 5th might extend towards the Higher End of Rising Channel. But Bulls need to be careful now. Move Below 668 will Indicate Short Term Trend Change & move below The Rising Channel will open Huge Downside.HDFC LTD

HDFC LTD

HDFC LTD too reflect a clear 5 wave move from 600.. This move might have been over at 900. Currently there is no evidence & 5th might extend towards the Higher End of Rising Channel. But Bulls need to be careful now. Move Below 841 will Indicate Short Term Trend Change & move below The Rising Channel will open Huge Downside.Thanks & Regards,Harsh Dixit.